The owners of Ikea enter Bruc, Juan Béjar's renewable energy firm, for 600 million

This is Interogo's first operation in Spain

Interogo, a holding belonging to the foundation of the same name of the owners of Ikea, has reached an agreement to enter the shareholding of Bruc, the renewable energy company of Juan Béjar, former CEO of FCC and current president of Globalvia.

In what represents its first operation in the renewable energy sector, the 'family office' of the owners of the Ikea Group has agreed to acquire 49% of a portfolio of 1,066 megawatts (MW) of operating photovoltaic solar generation assets and under construction of the Bruc group, which makes it the company's third international shareholder along with the OPTrust and Universities Superannuation Scheme (USS) pension funds, which are the ones who have sold this stake.

Specifically, the company value (capital plus debt) reaches 1,200 million euros, with which 49% of the portfolio would be valued at 600 million euros, according to sources familiar with the operation.

This transaction is subject to certain regulatory approvals and other customary closing conditions. Banco Santander has acted as advisor to the seller (USS and OP Trust) in the transaction, along with JP Morgan. On his side, Greenhill has been the buyer's counsel, Linklaters has been the seller's legal counsel and Herbert Smith has been the buyer's legal counsel.

Béjar founded Bruc at the end of 2015. Currently the group manages a portfolio of 8,500 MW in Spain. Shortly after its founding, OPTrust, one of Canada's largest pension funds, became a shareholder of Bruc.

For its part, USS, the main pension plan for universities and higher education institutions in the United Kingdom, joined OPTrust as an investor in May 2021.

The investments in infrastructure of the Interogo holding are made by its investment fund Inter Infrastructure Capital (IIC), managed by Inter Fund Management and advised by IH Infrastructure Advisors.

IH Infrastructure Advisors is Interogo Holding's infrastructure investment team. The team targets direct investments, mainly in Europe, across the infrastructure sector.

Its strategy is to acquire stakes in infrastructure companies that provide essential services to society, are recession resistant and offer downside protection through stable and predictable cash flows.

The president of Bruc, Juan Béjar, considers that "the incorporation of a world-class shareholder such as Interogo demonstrates, "on the one hand, Bruc's ability to create value and, on the other, the confidence of investors with a long-term vision in the ambitious project of growth".

"Having investors like OPTrust, USS and Interogo Holding gives us the financial strength we need to continue creating a great leader in renewable energy," he stressed.